Wholesale inflation accelerates to 3.59%

Vegetable inflation in September had risen by 15 per cent. In eggs meat and fish segment the rate of price rise was 5.76 per cent

Vegetable inflation in September had risen by 15 per cent. In eggs meat and fish segment the rate of price rise was 5.76 per cent

The rate of inflation based on WPI Food Index consisting of "Food Articles" from Primary Articles group and "Food Product" from Manufactured Products group increased from 1.99 per cent in September to 3.23 per cent in October, 2017.

The annual rate of inflation based on the wholesale price index (WPI) stood at 3.59 per cent in October 2017, against 2.60 per cent in the previous month and 1.27 per cent during the corresponding month of the previous year, provisional figures released by the Central Statistics Office (CSO) showed.

The Monetary Policy Committee headed by RBI Governor is entrusted with the objective of achieving the medium-term target for retail inflation of 4% within a band of +/- 2%, while supporting the growth.

Reacting to the data, India Inc. said the rise in inflation was in line with the industry's expectations owing to factors like marginal rise in demand together with increase in prices of crude oil and other commodities globally.

Vegetables prices soared to 36.61 percent in October as against 15.48 percent in September. The fuel segment saw a much slower contraction in prices in October, of 2.1%, compared with a contraction of 11.55% in September.

This comes when data released on Monday showed that retail inflation in October also rose to a 7-month high of 3.58 per cent due to costlier food items, especially vegetables.

Pulses continued to witness deflation at 31.05 percent.

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Fuel and power prices accelerated by 10.52 per cent.

For the "manufactured apparel" group, it rose 0.4 per cent due to higher prices of knitted and crocheted apparel.

The overall food prices, as gauged by the Consumer Food Price Index (CFPI), rose to 1.90 per cent during the month under review from 1.25 per cent in September 2017.

The CPI inflation last month on a YoY basis was lower than 4.20 per cent recorded in October 2016. Policymakers hoped that the rising trend would be reversed soon.

"Both wholesale and retail prices edged up in the month of October".

For the "manufacture of machinery and equipment" group, it rose 0.8 per cent due to higher prices of pressure vessel and tank for fermentation and other food processing, precision machinery equipment/form tools, chillers, open end spinning machinery, printing machinery and pharmaceutical machinery, roller and ball bearings, manufacture of bearings, gears, gearing and driving elements and air filters and industrial valve, agriculture implements, concrete vibrator and mixture, air or vacuum pump, material handling, lifting and hoisting equipment, sewing machines, centrifugal pumps and cranes. "However, this is due to adverse weather conditions and the situation should ease out in the coming months". "The high real interest rates remain a challenge for the industry", he added.

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